BARE TRUST AND AGENCY AGREEMENT
THIS DECLARATION OF BARE TRUST AND AGENCY AGREEMENT dated as of the ______ day of
_____________, 20____.
BETWEEN:
______________________________________________________________________
Name
of ____________________________________________________________________
Address
(the “Bare Trustee”)
- AND -
_____________________________________________________________________
Name
of _____________________________________________________________________
Address
(the “Owner”)
WHEREAS:
A. The Owner is beneficially entitled to the lands and premises municipally
known as:
______________________________________________________________
Street Address, City, Province, Postal Code
and described more particularly in the Land Titles/Registry Office as:
______________________________________________________________
Parcel Identifier: Lot Number, Suburban Block(or Range, District Lot)
(the "Property");
B. Legal title to the Property was registered in the name of the Bare Trustee in
the ___________________________ land title office on ___________,
20___, but since that date the Bare Trustee have held the Property in trust
for the Owner.
C. The Bare Trustee will hold the Property, as nominee, agent and bare trustee
for the sole benefit and account of the Owner as principal and beneficial
owner thereof, in accordance with this Declaration.
BARE TRUST AND AGENCY AGREEMENT
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THEREFORE in consideration of the premises and $1.00 now paid by the Owner to the Bare Trustee, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Appointment
The Owner appoints the Bare Trustee as her nominee, agent and bare trustee to hold the Property for
and on behalf of the Owner in accordance with this Declaration, with full power to manage and deal with
the Property and execute any instrument, document or encumbrance in respect of the Property for the
sole benefit and account of the Owner, all at the direction of the Owner as principal and beneficial owner
and strictly in accordance with this Declaration and the Bare Trustee confirms her acceptance of such
appointment.
2. Bare Trustee’s Agreements
The Bare Trustee acknowledges and agrees that:
a. the Bare Trustee will hold the legal title to the Property as nominee, agent
and bare trustee for the sole benefit and account of the Owner as principal
and beneficial owner and the Bare Trustee will have no equitable or
beneficial interest in the Property, and the equitable and beneficial interest
in the Property will be vested solely and exclusively in the Owner;
b. the Bare Trustee will hold the Property as nominee, agent and bare trustee
for the sole benefit and account of the Owner as principal and beneficial
owner subject to and in accordance with this Declaration and subject to the
terms and conditions of any transfer, deed, mortgage, debenture, security
agreement, or other instrument, document or encumbrance pertaining to
the Property;
c. any benefit, interest, profit or advantage arising out of or accruing from the
Property is and will continue to be a benefit, interest, profit or advantage of
the Owner and if received by the Bare Trustee will be received and held by
the Bare Trustee for the sole use, benefit, and advantage of the Owner and
the Bare Trustee will account to the Owner for any money or other
consideration paid to or to the order of the Bare Trustee in connection with
the Property as directed in writing by the Owner;
d. the Bare Trustee will, upon the direction of the Owner, deal with the
Property and do all acts and things in respect of the Property at the expense
of and as directed by the Owner from time to time and will assign, transfer,
convey, lease, mortgage, pledge, charge, or otherwise deal with the
Property or any portion of the Property at any time and from time to time in
such manner as the Owner may determine, at the extent permitted under
all relevant laws; without limiting the generality of the foregoing, the Bare
Trustee will transfer legal title to the Property to or as directed by the
Owner forthwith upon the written demand of the Owner;
e. the Bare Trustee will, upon and in accordance with the direction of the
Owner, act as the agent of the Owner, as undisclosed principal, in respect of
BARE TRUST AND AGENCY AGREEMENT
Page 3 of 5
any matter relating to the Property or the performance or observance of
any contract or agreement relating to the Property;
f.
acting under this Declaration at the direction of the Owner, the Bare Trustee
will have the full right and power to execute and deliver, under seal and
otherwise, any transfer, deed, statement of adjustments, plan, lease,
sublease, easement, right of way, license, restrictive covenant, building
scheme, release or other instrument or document pertaining to the
Property without delivery of proof to any person (including, without
limitation, any other party to any such instrument or document or the
Registrar of any land title office) of her authority to do so and any person
may act in reliance on any such instrument or document and for all
purposes any such instrument or document will be binding on the Owner;
g. acting under this Declaration at the direction of the Owner, the Bare Trustee
will have the full right and power to borrow money from time to time and to
covenant to repay money borrowed by the Owner either alone or with
others from time to time and to secure the repayment of any and all
indebtedness and liabilities with respect to any amounts so borrowed by
the grant of any charge or encumbrance (both fixed and floating) on, or
security interest in, the Property or any part thereof, by way of debenture,
mortgage, assignment of rents, assignment of sale proceeds, security
agreement or other instrument or document without delivering proof to any
person (including, without limitation, any other party to any such
instrument or document or the Registrar of any land title office) of her
authority to do so and any person may act in reliance on any such
instrument or document and for all purposes any such instrument or
document will be binding on the Owner;
h. the Bare Trustee will not deal with the Property in any way or execute any
instrument, document or encumbrance in respect of the Property without
the prior consent or direction of the Owner;
i.
the Bare Trustee have no discretion to deal with the Property in her capacity
as bare trustee; and
j.
the Bare Trustee will notify the Owner forthwith upon receipt by the Bare
Trustee of notice of any matter or thing in respect of the Property or any
portion of the Property, including, without limitation, in respect of any tax,
lien, charge or encumbrance in respect of the Property.
3. Reimbursement of Expenses
Any payments or disbursements made by the Bare Trustee in respect of the Property in accordance with
this Declaration will be made as the agent of and for the account of the Owner, as principal, and the
Owner will reimburse the Bare Trustee for any amount reasonably and properly expended by the Bare
Trustee in connection with the Property with the consent or direction of the Owner, but the Bare Trustee
will not receive any fee or remuneration from the Owner for acting under this Declaration.
BARE TRUST AND AGENCY AGREEMENT
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4. Time Limitation
The powers conferred on the Bare Trustee under this Declaration will not extend beyond the expiration
of 80 years from the date of execution and delivery of this Declaration, unless renewed.
5. Indemnity by Owner
The Owner agrees to indemnify and save harmless the Bare Trustee against any and all liability, loss, cost,
action, claim or expense resulting from the Bare Trustee holding of title to or dealing with the Property as
directed by the Owner from time to time, except to the extent that the same results from a dishonest,
fraudulent or negligent act or omission of the Bare Trustee.
6. Notices
Any notice given pursuant to or in connection with this Declaration will be in writing and delivered
personally to the party for whom it is intended at the last known address of such party.
7. Assurances
The Bare Trustee will perform all such other acts and things and execute all such other documents as are
necessary or desirable in the reasonable opinion of the Owner to evidence or carry out the terms or
intent of this Declaration.
8. Governing Law
This Declaration and all matters arising under it will be governed by and construed in accordance with the
laws of British Columbia, which will be deemed to be the proper law of this Declaration, and the Courts of
British Columbia will have non-exclusive jurisdiction to entertain and determine all claims and disputes
arising out of or in any way connected with this Declaration and the validity, existence and enforceability
of this Declaration.
9. No Waiver
No failure or delay on the part of either party in exercising any right, power or privilege under this
Declaration will operate as a waiver thereof, nor will any single or partial exercise of any right, power or
privilege preclude any other or further exercise thereof or the exercise of any other right, power of
privilege. Except as may be limited in this Declaration, either party may, in its sole discretion, exercise
any and all rights, powers, remedies and resources available to it under this Declaration or any other
remedy available to it and such rights, powers, remedies and recourse may be exercised concurrently or
individually without the necessity of making any election.
10. Amendment
This Declaration may be altered or amended only by an agreement in writing signed by the parties.
11. Enurement
This Declaration enures to the benefit of and is binding upon the respective successors, legal
representatives and assigns of the parties.
IN WITNESS WHEREOF the parties have executed this Declaration on these five pages as of the date first
above written.
BARE TRUST AND AGENCY AGREEMENT
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SIGNED, SEALED and DELIVERED by
___________________________________
in her capacity as the registered owner and
Bare Trustee of the Property in the
presence of:
___________________________________
Witness Signature
___________________________________
Print Name
_______________________________
Address
_______________________________
Occupation
SIGNED, SEALED and DELIVERED by
_________________________________
in her capacity as Owner in the presence
of:
___________________________________
Witness Signature
___________________________________
Print Name
___________________________________
Address
___________________________________
Occupation
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___________________________________
Bare Trustee’s Signature
___________________________________
Owner’s Signature